Lip Gloss Market 2024 - By Share, Growth, Demand, Trends, Opportunities And Outlook 2033

The Business Research Company recently released a comprehensive report on the Global Lip Gloss Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, The lip gloss market size has grown strongly in recent years. It will grow from $3.56 billion in 2023 to $3.77 billion in 2024 at a compound annual growth rate (CAGR) of 6.1%. The growth in the historic period can be attributed to the expansion of retail and beauty supply stores, expansion of online beauty communities, rise in popularity of mix-and-match beauty products, growth in cosmetic advertising, and increase in disposable income.

The lip gloss market size is expected to see strong growth in the next few years. It will grow to $4.81 billion in 2028 at a compound annual growth rate (CAGR) of 6.3%. The growth in the forecast period can be attributed to increasing demand for beauty products, growing awareness of personal grooming, rising number of beauty salons, increasing purchasing power of the women population, rising awareness of skin-friendly ingredients, and growing demand for customizable lip gloss. Major trends in the forecast period include technological advancements, cruelty-free formulations, augmented reality, refillable lip gloss products, and customizable lip products.

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Market Drivers and Trends:

The rising cosmetics industry is expected to propel the growth of the lip gloss market going forward. The cosmetics or beauty industry encompasses developing, manufacturing, marketing, and selling products designed for personal care, grooming, and enhancing one's appearance. The cosmetics industry is rising due to innovation, social media influence, increasing consumer demand, digital marketing, and a growing focus on natural and sustainable products. Lip gloss is used in the cosmetics industry to enhance lips with a shiny, glossy finish, adding subtle color or shimmer for a youthful, fresh look and versatile makeup styles. For instance, in 2022, according to the Cosmetic Toiletry and Perfumery Association (CTPA), a UK-based trade association, color cosmetics sales climbed from 112.26 million units in 2021 to 118.17 million in 2022. Additionally, sales of skincare products increased from 461.47 million units in 2021 to 479.57 million units in 2022. Therefore, the rising cosmetics industry is driving the growth of the lip gloss market.

Major companies operating in the lip gloss market are focused on developing innovative products, such as non-sticky formulations that provide a smooth, comfortable feel while offering long-lasting shine and hydration. Non-sticky multi-use lip gloss formulations refer to products that use advanced ingredients to give a glossy finish without a sticky texture, allowing them to be applied to lips and potentially other parts of the face for versatile beauty applications. For instance, in May 2022, Thread Beauty, a US-based cosmetics company, launched 'Gloss It' lip gloss, a non-sticky, multi-use formula that delivers a sheer, glossy finish using advanced vegan ingredients. Designed for application on lips, eyes, and cheeks, it reflects cutting-edge formulation techniques for versatility and comfort, resulting in a nourishing, high-quality cosmetic that enhances overall aesthetic appeal.

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Major Key Players of the Market:

Procter & Gamble Co., L'Oréal S.A., Neutrogena Corporation, The Estée Lauder Companies Inc., Chanel S.A., Shiseido Company Limited, Coty Inc., Avon Products Inc., Giorgio Armani S.p.A., Makeup Art Cosmetics (MAC), Revlon Group LLC, Oriflame Cosmetics Global SA, Burt's Bees LLC, Maybelline LLC, Kendo Holdings Inc., NARS Cosmetics Inc., ColourPop Cosmetics LLC, Bourjois S.A., Elizabeth Arden Inc., Bo International Ltd., MPlus Cosmetics, Auraline Beauty

Lip Gloss Market 2024 Key Insights:

• The lip gloss market size is expected to see strong growth in the next few years. It will grow to $4.81 billion in 2028 at a compound annual growth rate (CAGR) of 6.3%.
• The Booming Cosmetics Industry Fuels Expansion Of The Lip Gloss Market
• Thread Beauty Innovates Lip Gloss Market With Launch Of Multi-Use 'Gloss It' Formula
• North America was the largest region in the lip gloss market in 2023

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